As we work to see what 2017 will bring in terms of Orange County real estate values and opportunities, it is important to take a closer look at what was present in 2016. It was a trying year for the country, with both turmoil from the presidential election, and a continued slow recovery in wages, jobs, and overall home values. Orange County real estate did very well however, topping many expectations and providing new opportunities for today's buyers and sellers.Huntington Beach Home at Sunset | Image Provided by CRMLSWell What Happened?The median price for a new construction home in Orange County brought with it an incredible value. In October, it rose to a high of $934,250 as a median price. That's a record, and an increase of 3.8 percent from the previous year. New construction did well this year as well. A number of mixed-use developments sprouted up catering to the needs of today's Millennial home buyer - those who want smaller homes within walking distance to amenities. A number of high-rise developments were also constructed. And, with the average asking rent for an apartment in the county rising to $1,781, which is yet another increase from the previous year, there is no doubt that home sales are growing as a result.What is Next for Orange County Real Estate?There is no way to predict exact figures for 2017, but most real estate experts remain impressed, and maintain high expectations for the coming year. It is likely that home prices will continue to increase across the county as demand for homes in this area continues to rise (especially if rents continue to go up). And, with a competitive marketplace present, home sellers are likely to benefit most. For those who plan to buy a home or sell a home in Orange County, it pays to work with a local real estate agent that can help you find the perfect area and home without all of the trouble of this market. Contact Neal Prochoren and Sell CA Realty today to discuss your real estate goals.
